Remember (if you were a shareholder at the time), that in 2019 this company was on the bones of its arse. The Gas in South Africa (CEL's only "real asset") was a dud because the SA government couldn't (& still can't) make a decision on allowing drilling to go ahead. They had NO money
In rides KK & team, they do a raise for $5m & get re-listed in July 2019. They then get hold of Argentina (Hulilan) & Ecuador (El Guayabo & Clorado V)
They raised $6.5m in Jan 2020, did a $20m placement in July 2020 & $42m in May 2021 - to fund the JORC definition of probably, between the 2 projects, 15-20m oz of gold & quite likely after this deal, a whole heap more.
It seems like you expected them to find this much gold without raising any capital!!
You have to spend money to make money & if you don't have it or want to be well covered for future exploration, you have to get it from somewhere
I don't disagree that these placements may have capped to price for now, but with the quantities of gold they are finding every time they drill, the market will wake up eventually. I said some months ago that if these discoveries were in Oz, the SP would now be in the $'s
It will be soon - remember KK said recently, "double & double again" - that puts the price at around $1.20 which is a price I think the BoD would do a deal at
Be patient & you will be rewarded
CEL Price at posting:
28.3¢ Sentiment: Buy Disclosure: Held
